The proposed $22 billion merger between Novion Property and Federation Centres has cleared its final regulatory hurdle, paving the way for the creation of one of Australia's leading real estate investment trusts.
The Supreme Court of NSW today cleared the merger and Novion will now apply for its securities to be suspended from trading on the ASX from the close of trade today.
Implementation of the merger is expected to occur on June 11, with the commencement of trading for new Federation securities set for June 12.
Earlier this week, Novion shareholders also approved the $22 billion merger.
The merged entity will own or co-own 91 shopping centres across the country, making it the second largest owner of shopping centres in Australia, the second largest listed manager of Australian retail assets and one of the 30 largest groups on the ASX.
Federation Centres chief executive Steven Sewell said the merger will enhance the group's capacity to deliver retail for consumers and provide sustainable returns for shareholders.
Novion non-executive chairman Richard Haddock said the vote results were a strong endorsement for the merger, with 99.9 per cent of the votes cast in favour of the merger.
The Australian Competition and Consumer Commission cleared the merger last week, contingent on the divestment of one of two South Melbourne shopping centres, the timeline of which remains confidential.